FROB awards Unnim Banc to BBVA
The BBVA Group acquires Unnim Banc after winning a competitive auction held by Spain’s Fund for Orderly Banking Restructuring (or FROB). BBVA improves its coverage in Catalonia through an operation that has no relevant impact on liquidity or capital, and with contained risk.
- (1888PressRelease) March 09, 2012 - BBVA strengthens its presence in Catalonia through an operation with a clear strategic goal. Unnim Banc’s activities are centered in that region, which is one of the most attractive and dynamic markets in Spain.
“This operation is good for BBVA and good for Unnim,” BBVA Chairman Francisco González said. “Once again BBVA is demonstrating its confidence in Catalonia and the operation will certainly help to strengthen the Spanish financial system,” he added.
The announcement puts an end to the uncertainty surrounding the future of Unnim Banc, which will now become part of one of Spain's soundest banking groups. Under the operation BBVA will acquire 100% of the share capital of Unnim Banc for €1. In addition, the transaction includes an asset-protection scheme in which the Deposit Guarantee Fund will assume 80% of the losses incurred in a pre-established portfolio of Unnim Banc assets.
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BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.
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